In a bold move for the XRP community, Ripple Labs has donated $1 million to the Commonwealth Unity Fund, a super PAC established by pro-crypto attorney James Murphy, known in the crypto sphere as MetaLawMan. This initiative aims to unseat Senator Elizabeth Warren, a vocal critic of cryptocurrency, and support the candidacy of John Deaton in the upcoming Senate race.
Ripple’s Strategic Contribution
The donation was confirmed after Fox Business journalist Eleanor Terrett shared the news on social media. James Murphy emphasized the significance of this election for him and his family, stating, “This election is simply too important to just stand on the sidelines. We desperately need a leader like John Deaton in the Senate.” Murphy has also urged the crypto community, particularly the XRP Army, to back the Commonwealth Unity Fund, contributing $50,000 himself.
As reported by the Federal Election Commission, the total contributions to the Commonwealth Unity Fund have reached approximately $1,050,020, with a cash reserve of $909,405 as of June 30.
XRP Price Surge and Market Dynamics
Ripple’s commitment to advancing crypto interests is not new. The company has previously invested millions in various crypto-focused initiatives, including a notable $50 million contribution to Fairshake, despite criticism for not supporting Deaton’s campaign.
In the wake of this announcement, XRP’s price has shown a positive trajectory, experiencing a 3% increase over the past 24 hours. Currently trading at $0.54, XRP has seen a low of $0.5241 and a high of $0.5682 within the same period, alongside a 56% rise in trading volume, indicating heightened trader interest.
This rally is further bolstered by news from the Chicago Mercantile Exchange (CME) and CF Benchmarks, which announced new reference rates and real-time indices for XRP, igniting speculation about an XRP ETF. CEO Brad Garlinghouse has also communicated encouraging updates regarding the potential for a spot ETF.
In Summary
Ripple’s $1 million donation to the Commonwealth Unity Fund underscores its commitment to influencing the political landscape in favor of pro-crypto candidates. As XRP continues to gain traction in the market, all eyes are on the upcoming developments in both the Senate race and the broader cryptocurrency ecosystem.
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